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Unique opportunity money questions(20 year old)
So Im a single 20 year old going to a local community college and working part time on the side. Ive lived with my mother in apartments almost our whole lives and being that she only makes 27k wasnt able to afford a mortgage on her own. Now that i'm older and majoring in business Im realizing that it might be a good idea to invest in a multi family house and rent a few units out to build early equity.
We are living in Albany NY a inner city lower income area. So multi family apartments are cheap and for sale all over the place. My biggest problem is i'm the only one in my family with any drive or any substantal knowledge on this stuff and even what I know is very small so i'm asking you guys for advice.
I was looking at a around a 3 to 4 family house where I and my mother would live in 1 and rent the rest of the units out. Ive worked in construction so minor repairs are not a problem, but i'm fearful at many people (realtors, lenders, anyone in the home buying process) trying to take advantage of me along the way as I will be doing most of the looking/buying on my own are unfortunately I look like im 16 so people try to take me for a fool and it can be a major hindrance.
Financially my mother makes 2200 a month and has payed 625 in rent every month for the past 15 years while I make about 1400 a month with 10k in savings and no bills so I'm able to actively put 1k away as of right now. (My thought path is to save up enough to put 20% down on the home my self) I'm graduating college in a year so I know my pay will increase as I only work part time now. But no one in my family has ever owned a home let alone tried to be a landlord. Just extra info my grandparents pay my cell/car insurance for now but theyve openly agreed that if my plan is to help my mother with her finances they will agree to keep paying for now.
I'm just looking for advice, tips, as I find this kind of a unique decision with my mom being 100% complaint for me to spend her money in a smart way so I'm thinking of this as 27k on top of what ever I make. (she knows shes not smart with money so shes finally let me be in charge of her finances and I just want to make sure I'm on the right thought path and not totally lost and getting into something that is out of our price range)
I know this is alot to take in but feel free to ask questions I will be able to clear anything up that you need me too
We are living in Albany NY a inner city lower income area. So multi family apartments are cheap and for sale all over the place. My biggest problem is i'm the only one in my family with any drive or any substantal knowledge on this stuff and even what I know is very small so i'm asking you guys for advice.
I was looking at a around a 3 to 4 family house where I and my mother would live in 1 and rent the rest of the units out. Ive worked in construction so minor repairs are not a problem, but i'm fearful at many people (realtors, lenders, anyone in the home buying process) trying to take advantage of me along the way as I will be doing most of the looking/buying on my own are unfortunately I look like im 16 so people try to take me for a fool and it can be a major hindrance.
Financially my mother makes 2200 a month and has payed 625 in rent every month for the past 15 years while I make about 1400 a month with 10k in savings and no bills so I'm able to actively put 1k away as of right now. (My thought path is to save up enough to put 20% down on the home my self) I'm graduating college in a year so I know my pay will increase as I only work part time now. But no one in my family has ever owned a home let alone tried to be a landlord. Just extra info my grandparents pay my cell/car insurance for now but theyve openly agreed that if my plan is to help my mother with her finances they will agree to keep paying for now.
I'm just looking for advice, tips, as I find this kind of a unique decision with my mom being 100% complaint for me to spend her money in a smart way so I'm thinking of this as 27k on top of what ever I make. (she knows shes not smart with money so shes finally let me be in charge of her finances and I just want to make sure I'm on the right thought path and not totally lost and getting into something that is out of our price range)
I know this is alot to take in but feel free to ask questions I will be able to clear anything up that you need me too












